As the economy is slowly on the rebound, you may have found that production has increased in your business, whether in the form of services or goods. You may have even found that your business is so busy that you do not have enough employees to accommodate customers. This can be anywhere from an increase in clients, patients, and retail shoppers. It may be time to hire more employees. At the same time, this will cost you more money. There are some things to consider before expanding your team:
- Can the business really afford another team member? Although you may want more employees, it is time to be realistic. Is the increased amount of people at your place of business actually purchasing what you have to sell?
- Consider the amount of people you want to hire and plug in the numbers. Calculate potential salaries, 401k sharing, paid time off, and benefits.
- Is the influx in business seasonal? Does customer volume increase during the summer or winter? If this is the case, you might consider hiring seasonal or temporary employees to help cover the workload. Keep in mind that you should tell potential employees this before they are hired.
Finally, it is important to figure out what having more employees means in terms of your bottom line. Some business owners are concerned about quick profits to turn their business around. If this is the case, you might need to stick it out with the employees you do have until you make enough money to get out of the hole and have enough profits to expand your personnel.
If you do have the money and do not want to spend it on hiring other people, consider this: will not having enough employees impact customer satisfaction? If the answer is yes, then you will potentially lose customers for future business. The point of a business is to profit, but you cannot accomplish this without happy customers.